Teaching, Writing and Talking About the Global Economy

Tag: Fed

The Two-Headed Central Bankista Coin

By Stephanie Kelton Like all good Central Bankistas, Charles Evans (Chicago Fed) and Dennis Lockhart (Atlanta Fed) insist that if the Fed isn’t achieving its stated (employment and inflation) objectives, then it just isn’t doing monetary policy the right way. The flip side of the Central Bankista position is that whenever the macro data are… Read More ›

The Dual Mandate: Right Goals, Wrong Institution?

By Stephanie Kelton The statutory objectives for monetary policy known as the “dual mandate” were imposed by Congress as part of the the Federal Reserve by Act of 1913. ┬áThe mandate charges the Federal Reserve with responsibility for achieving two broad macroeconomic goals: “maximum employment and stable prices.” Much has been made (especially by those… Read More ›